From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
January 2008
Capital Gains Tax Reform
The proposed changes announced in the Pre-Budget Report to the
capital gains tax (CGT) system are radical. Taper relief for
CGT will be abolished for disposals on or after 6 April 2008.
Other changes to the CGT system include introducing a flat rate
of CGT of 18% and abolishing indexation, an allowance for inflation.
 More
Advisory Fuel Rates
To reflect the increases in fuel prices, HMRC have issued new
advisory fuel rates for company car drivers. These take
effect for all journeys undertaken from 1 January 2008 so employers
wishing to use the new rates should advise affected employees
and update any expense forms as soon as possible.
More
Proposed Cuts in 'Red Tape'
According to a government report, cuts in ‘red tape’ are
saving UK businesses and third sector organisations more than £800
million per year.
More
Inheritance Tax Nil Rate Band
Chancellor Alistair Darling announced in his Pre-Budget speech
a change to the way in which the inheritance tax (IHT) nil rate
band of £300,000 can be used for married couples and civil
partners.
More
Capital Allowances
In November’s enews we reported on proposed changes to
the capital allowances system and HMRC have now issued a 91 page
document including draft legislation.
More
Employment Bill
A new Employment Bill will, if enacted, impose tougher penalties
on employers and dispute resolution procedures will be simplified.
The overall effect of the Employment Bill is to strengthen and
clarify key aspects of employment law. It was introduced and
had its first reading on 6 December 2007 with the aim of receiving
Royal Assent by summer 2008.
More
Consultation on Residence and Domicile
In the Pre-Budget Report the government announced a package
of reforms affecting the personal tax rules on residence and
domicile. The government has now published a consultation document
which contains further detail on the proposed changes.
More
Income Shifting Consultation
You may well remember that the Arctic Systems case involved
a husband and wife who owned a company 50/50 and, broadly, took
the profits out by way of dividends, again 50/50. HMRC attempted
to tax the dividends solely on the husband, as he was performing
most of the work which generated the profits of the company.
More
Christmas Party Advice
And finally, it wouldn’t be the festive season without
some Christmas party advice! The Advisory, Conciliation and Arbitration
Service (ACAS) has commented that many businesses find themselves
with problems on their hands over the Christmas period, particularly
the fall-out from the office party.
More |
